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Baltimore-Based Foodem Raises $600,000 in Angel Funding

05/13/2013

Foodem, the Baltimore-based developer of a B2B online wholesale food marketplace and business intelligence platform, said on Monday it has landed $600,000 in a round of angel funding, which included a new investment from Bethesda-based Panacea Capital Advisors. Launched in closed beta in late 2010, Foodem aims to unite smaller food distributors, specialty food manufacturers and local farms with wholesale food buyers such as restaurants, hospitals, schools, universities and hotels.

The platform lets buyers compare prices simultaneously among multiple local suppliers, while also reducing distributors' costs associated with managing large sales teams and competing with larger competitors. The company last year was accepted into Baltimore's Emerging Technology Center (ETC) business incubator program and received $75,000 in funding from the Maryland Technology Development Corp. (TEDCO). Along with the latest funding, the company also said it has launched a newly enhanced platform, dubbed Foodem 2.0. "After working for years in the food industry… I knew first-hand the inefficiencies of the current system, and I realized that technology was the obvious way to address these issues," said founder and CEO Kash Rehman.
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